Good morning and welcome to the last edition of this week of Firstft. Today’s agenda includes:
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Powell is attacked on redevelopment project
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Trump promises “big explanation” about Russia
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WPPs “Kodak Moment”
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And the rise and rise of air conditioning
The White House has accused Jay Powell of “coarse” the wrong manage of a “flashy” renovation of the Federal Reserve head office, which opened a new front in his attack on the US Central Bank.
What are the details? Russell Vought, director of the Office of Management and Budget, said In a message on x That the FED chairman “had managed the Fed incorrectly” for a long time “. Vought, an ally of Trump, accused Powell of chairing a renovation of his head office that was $ 700 million above budget. He claimed the renovation of $ 2.5 billion from the Washington construction in Washington Eccles Building almost as much as the Versailles palace in the current dollars.
Why it matters: Vought’s criticism marks a new tactic in the struggle of the Trump government with the bank and its chairman. The president often attacks Powell about the refusal of the central bank to lower the interest rates and calls him “a stubborn mule” and “a Numbskull”, but the comments of Vought mark the first direct attack of a narrow ally of Trump. Powell has described media reports about the excesses of the rebuilding as “inaccurate”. Read the full story.
This is what we keep an eye on today and at the weekend:
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Air India Crash: Today’s authorities are expected to crash a provisional report in India’s worst airline in decades.
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US-China relationships: The US State Secretary Marco Rubio will today meet Chinese Foreign Minister Wang Yi in Kuala Lumpur.
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Floods in Texas: Donald Trump and his wife Melania are expected to travel to the scene of the devastating floods of last weekend and meet some of the affected families.
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Ovidio Guzmán Trial: The son of the infamous Sinaloa Cartel founder Joaquín “El Chapo” Guzmán is expected to plead guilty in a federal court in Chicago later today.
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Companies: The American Apotheek Chain Walgreens Boots Alliance is holding a special shareholders’ meeting to vote on the proposed takeover of the company by Private Equity group Sycamore Partners.
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Wimbledon Tennis: The semi-final of the men are taking place today to determine the line-up for Sunday’s final, meanwhile in the ladies’ stretch, the American Amanda Anisimova opposes Poland’s Iga świątek in the final of tomorrow.
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Become a member of the Books editors of the FT, Frederick Studemann and Maria Crawford today at 1 p.m. BST for a virtual Q&A to help you find the perfect summer books. Leave a comment here to receive expert recommendations.
Five more top stories
1. Donald Trump said he intends to make a “big explanation” on Russia next week, While he indicated, the US would sell more weapons to allies to send to Ukraine, including Patriot racking systems. The American president said he had achieved what he called a new deal for sending weapons to Ukraine, via purchases from NATO fellow people.
2. Trump also said that the US would impose a rate of 35 percent on Canada at the beginning of August While he launched a new Salvo against one of the largest trading partners in the country. The American president sent a letter to Canada yesterday, so that the pressure on Prime Minister Mark Carney was canceled.
3. Exclusive: Google will strongly intensify the Cloud Computing services for the US governmentWhile the Trump administration is putting pressure on technology groups to lower prices for long-term, lucrative contracts. The agreement comes after Oracle concluded a deal with the government last week, including a 75 percent discount on some software contracts. Discover which other companies will follow soon.
4. Two of the senior executives of Boston Consulting Group will leave their leadership roles after revelations about the work of the company in Gaza, According to people who are familiar with the issue. The two men were mentioned by The Financial Times last week as involved in discussions about the growing work of BCG with regard to Gaza. Read the full story.
5. JPMorgan Chase Chief Executive Jamie Dimon warned the European leaders yesterday That they have a problem with competitiveness and that they are currently “losing” the battle to match the US and China. Dimon’s comments, one of the most influential voices in global finances, underline the challenges with which the EU is confronted while it fights to stimulate his economy.
The big read of today
Cindy Rose, a top manager of Microsoft, agreed to agree this week to take the reins with the British advertising group WPP while complaining with stronger global rivals for a shrinking pool of mandates. Apart from the daily difficulties, the existential threat of AI technology that threatens to get the agencies entirely out of the creative process is closer in sight. “This is WPP’s ‘Kodak moment’,” said an observer.
We read too. . .
Graph of the day
This month a decade has been a decade since the turning point in the Greek financial crisis, a drama that has been grabbed global financial markets for years and threatened to blow apart the economic and monetary union that is the unique EU performance. Greece has organized a remarkable rebound in the 10 years since then.
Take a break of the news
On February 12, 2022, the Odesa Philharmonic Orchestra played its last concert for Putin’s full invasion, with an encore that was “the most Ukrainian, patriotic thing you can get”. The overture to the opera of Mykola Lysenko Taras Bulba Was met with a roar of applause when the audience got up. More than three years later, the chief conductor speaks of the orchestra to the FT about how they endure Russian rockets to bring music to the city.
